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Autodesk Reports Record Revenue Results
Public Company Information:
NASDAQ: ADSK
SAN RAFAEL, Calif. – (BUSINESS WIRE) – Autodesk, Inc. (NASDAQ: ADSK) announced its financial results for the second quarter of fiscal 2015 today.
Second Quarter Fiscal 2015 Highlights:
- Total billings grew by 27% compared to the second quarter of fiscal 2014.
- Total subscriptions increased by approximately 74,000 from the first quarter of fiscal 2015.
- Revenue reached a record high of $637 million, representing a 13% increase compared to the same period last year, and grew 13% on a constant currency basis. The recent acquisition of Delcam contributed approximately $11 million to revenue.
- GAAP operating margin was 8%, down from 15% in the second quarter of fiscal 2014.
- Non-GAAP operating margin stood at 18%, compared to 24% in the previous year's second quarter. A detailed reconciliation of GAAP to non-GAAP results is provided in the accompanying tables.
- GAAP diluted earnings per share were $0.13, compared to $0.27 in the second quarter of fiscal 2014.
- Non-GAAP diluted earnings per share were $0.35, compared to $0.45 in the prior year's second quarter.
- Deferred revenue hit a record $981 million, up 22% year-over-year.
- Cash flow from operating activities amounted to $96 million, marking a 47% increase compared to the second quarter of fiscal 2014.
"Global demand remains strong, and the growing adoption of our suite solutions has driven robust billings and record-breaking revenue," stated Carl Bass, President and CEO of Autodesk. "We're making significant progress in transitioning to a more subscription-based business model, adding around 74,000 maintenance, desktop (rental), and cloud subscriptions. This shift has helped us significantly boost deferred revenue, which is rapidly approaching $1 billion. Our solid financial performance and positive outlook on the macroeconomic environment have led us to upgrade our forecasts for billings, revenue, and subscription additions for fiscal 2015."
Second Quarter Operational Overview:
Revenue in the Americas rose by 11% year-over-year to $223 million. EMEA revenue totaled $244 million, increasing by 21% as reported and 16% on a constant currency basis compared to the second quarter of the previous fiscal year. Revenue in APAC was $170 million, reflecting an 8% increase as reported and 14% growth on a constant currency basis versus the corresponding period last year. Revenue from emerging economies was $98 million, showing a 14% increase as reported and 13% growth on a constant currency basis compared to the second quarter of fiscal 2014. Revenue from emerging economies accounted for 15% of total revenue in the second quarter.
Revenue from the Platform Solutions and Emerging Business (PSEB) segment was $208 million, rising 5% compared to the second quarter of the previous fiscal year. Revenue from the Architecture, Engineering and Construction (AEC) business segment was $218 million, an increase of 23% compared to the second quarter of fiscal 2014. Revenue from the Manufacturing business segment was $168 million, up 17% compared to the same period last year. Revenue from the Media and Entertainment (M&E) business segment was $44 million, remaining flat compared to the second quarter of fiscal 2014.
Revenue from flagship products was $307 million, up 6% compared to the second quarter of fiscal 2014. Revenue from Suites was $232 million, growing 20% year-over-year. Revenue from New and Adjacent products was $99 million, increasing by 24% compared to the second quarter of fiscal 2014.
Business Outlook:
The following forward-looking statements are based on current expectations and assumptions and involve risks and uncertainties. Autodesk’s business outlook for the third quarter and full year fiscal 2015 assumes a continuation of the current economic environment and foreign exchange currency rate environment. A reconciliation between GAAP and non-GAAP estimates for fiscal 2015 is provided in the tables following this press release.
Third Quarter Fiscal 2015:
| Q3 FY15 Guidance Metrics | Q3 FY15 (ending October 31, 2014) |
|----------------------------------|-----------------------------------|
| Revenue (in millions) | $590 – $605 |
| EPS GAAP | ($0.05) – $0.01 |
| EPS Non-GAAP (1) | $0.17 – $0.23 |
_______________
(1) Non-GAAP earnings per diluted share exclude $0.15 related to stock-based compensation expense and $0.07 for the amortization of acquisition-related intangibles, net of tax.
Full Year Fiscal 2015:
Autodesk is updating its guidance for full fiscal year 2015 as follows:
| FY15 Guidance Metrics | FY15 (ending January 31, 2015) |
|----------------------------------|-----------------------------------|
| Billings growth | 10 – 12% |
| Revenue growth | 7 – 9% |
| GAAP operating margin | 4 – 5% |
| Non-GAAP operating margin | 15 – 16% |
| Net subscription additions | 200,000 – 250,000 |
The third quarter and full year fiscal 2015 outlook assume a projected annual effective tax rate of 29% and 26% for GAAP and non-GAAP results, respectively. These rates do not include one-time GAAP discrete items or the federal R&D tax credit that expired on December 31, 2013.
Earnings Conference Call and Webcast:
Autodesk will host its second quarter conference call today at 5:00 p.m. ET. The live broadcast can be accessed at http://www.autodesk.com/investors. Supplemental financial information and prepared remarks for the conference call will be posted to the investor relations section of Autodesk’s website simultaneously with this press release.
NOTE: The prepared remarks will not be read on the conference call. The conference call will include only brief remarks followed by questions and answers.
A replay of the broadcast will be available at 7:00 pm ET at http://www.autodesk.com/investors. This replay will be maintained on Autodesk’s website for at least 12 months.
Safe Harbor Statement:
This press release contains forward-looking statements that involve risks and uncertainties, including those mentioned under “Business Outlook†above, statements regarding the impacts of our business model transition, and other statements about our strategies, market and product positions, performance, and results. Numerous factors could cause actual results to differ materially from those stated in this press release, such as general market, political, economic, and business conditions; failure to maintain revenue growth and profitability; challenges in managing transitions to new business models and markets, including introducing additional ratable revenue streams and our ongoing efforts to attract customers to our cloud-based offerings, along with associated expenses; difficulties in controlling expenses; our performance in specific geographies, especially emerging economies; the ability of governments worldwide to meet their financial and debt obligations and fund infrastructure projects; weak or negative growth in the industries we serve; slowing momentum in subscription billings or revenues; challenges in identifying and realizing the anticipated benefits of acquisitions; the financial and business condition of our reseller and distribution channels; dependence on and timing of large transactions; fluctuations in foreign currency exchange rates; the success of our foreign currency hedging program; failure to achieve sufficient sell-through in our channels for new or existing products; pricing pressures; unexpected fluctuations in our tax rate; the timing and degree of expected investments in growth and efficiency opportunities; changes in the timing of product releases and retirements; and any unanticipated accounting charges.
Further information on potential factors that could affect Autodesk’s financial results is included in Autodesk’s Annual Report on Form 10-K for the year ended January 31, 2014, and Form 10-Q for the quarter ended April 30, 2014, which are on file with the U.S. Securities and Exchange Commission. Autodesk does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.
About Autodesk:
Autodesk helps people imagine, design, and create a better world. From design professionals and engineers to architects, digital artists, students, and hobbyists, everyone uses Autodesk software to unlock their creativity and solve important challenges. For more information, visit autodesk.com or follow @autodesk.
AUTODESK is a registered trademark of Autodesk, Inc., and/or its subsidiaries and/or affiliates in the USA and/or other countries. All other brand names, product names, or trademarks belong to their respective holders. Autodesk reserves the right to alter product and service offerings, and specifications and pricing at any time without notice, and is not responsible for typographical or graphical errors that may appear in this document.
© 2014 Autodesk, Inc. All rights reserved.
Condensed Consolidated Statements of Operations:
| Net Revenue: | Three Months Ended July 31 | Six Months Ended July 31 |
|------------------------------------|--------------------------------------|-------------------------------------|
| License and Other Revenue | $350.4 | $666.6 |
| Subscription Revenue | $286.7 | $563.0 |
| Total Net Revenue | $637.1 | $1,229.6 |
Condensed Consolidated Balance Sheets:
| Assets | July 31, 2014 | January 31, 2014 |
|------------------------------------|--------------------------------------|-------------------------------------|
| Current Assets | $2,450.0 | $2,835.0 |
| Total Assets | $4,703.4 | $4,595.0 |
Condensed Consolidated Statements of Cash Flows:
| Operating Activities | Six Months Ended July 31 | Six Months Ended July 31 |
|------------------------------------|--------------------------------------|-------------------------------------|
| Net Income | $59.6 | $117.3 |
| Net Cash Provided by Operating Activities | $314.9 | $289.4 |
Reconciliation of GAAP financial measures to non-GAAP financial measures:
To supplement our consolidated financial statements presented on a GAAP basis, Autodesk provides investors with certain non-GAAP measures including non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating margin, non-GAAP net income, non-GAAP net income per share, and billings. These non-GAAP financial measures are adjusted to exclude certain costs, expenses, gains, and losses, including stock-based compensation expense, restructuring charges, amortization of purchased intangibles, gain and loss on strategic investments, and related income tax expenses. See our reconciliation of GAAP financial measures to non-GAAP financial measures herein. We believe these exclusions are appropriate to enhance an overall understanding of our past financial performance and also our prospects for the future, as well as to facilitate comparisons with our historical operating results. These adjustments to our GAAP results are made with the intent of providing both management and investors a more complete understanding of Autodesk’s underlying operational results and trends and our marketplace performance. For example, non-GAAP results are an indication of our baseline performance before gains, losses, or other charges that are considered by management to be outside our core operating results. In addition, these non-GAAP financial measures are among the primary indicators management uses as a basis for our planning and forecasting of future periods.
There are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with generally accepted accounting principles and may be different from non-GAAP financial measures used by other companies. The non-GAAP financial measures are limited in value because they exclude certain items that may have a material impact upon our reported financial results. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP in the United States. Investors should review the reconciliation of the non-GAAP financial measures to their most directly comparable GAAP financial measures as provided in the tables accompanying this press release.